The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled ‘The Role of the Central Banking Authority and Commercial Banks in a Planned Economy’ is a book form of a lecture delivered by Mr H.V.R Iengar, a former Governor of the Reserve Bank of India on the 6th of December 1967 on the auspices of the A.D Shroff Memorial Trust in Bombay.
He begins this lecture by explaining the emergence of the Central bank before World War II in big economies to preserve monetary stability. Furthermore, he elaborates on the challenges faced by the Reserve Bank of India to mobilise unorganised money lending institutions and create a sense of security among the general public about their deposits with the banks. He also breaks the argument on the failure of commercial and cooperative banks emphasising the failed system of predetermined priorities of the government in a planned economy. Lastly, he concludes by deliberating on the interference of politics in a nationalised banking system.